The Central Bank of Iraq (CBI) has issued guidance to licensed banks and non-bank financial institutions clarifying that no distinction should be made between old and new US dollar banknote series in exchange transactions.
The Bank stressed the need to limit practices involving differential exchange rates between various US dollar print editions, and to comply fully with approved regulations governing the handling and replacement of foreign banknotes.
According to the CBI, existing laws, instructions and regulatory controls do not recognise any differentiation between US dollar issues, provided that the notes meet internationally and locally accepted standards.
The Bank confirmed it will continue to receive and process all US dollar editions through licensed banks, subject to compliance with applicable standards.
The clarification forms part of the CBI’s efforts to promote transparency and discipline within the banking sector, protect customers and support monetary and financial stability in Iraq.
